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Fiscal risks in the US, the depreciation of the yen and growth in emerging Asia – opening up more carry trade opportunities – are reasons to believe volatility could return to the foreign exchange market in 2013 after a long hiatus, investors say.

The economy continues to defy the doom-mongers, but to nurture a sustainable and domestic-led growth model China’s new leadership must embark on painful, destabilizing and controversial reforms.

Euromoney’s Annual Asia Company ranking is based on a survey of market analysts at leading banks and research institutes in Asia. Polling took place from 6th September to the 9th November and Euromoney targeted equity analysts covering Asian companies. Respondents were asked to nominate the top three listed companies for each of the following categories:

As the US moves toward mandatory over-the-counter trading on swap execution facilities this year, European derivatives dealers are still waiting for European authorities to clarify the regulatory pipeline as fears over market liquidity grow.

Against this opaque backdrop, Deutsche Bank seems to be tripping over its own toenails. I admit that during the financial crisis I was one of the few journalists who was critical of the good ship DB. I didn’t like the fact that shortly after Lehman’s collapse, Deutsche posted a surprise third-quarter profit by reclassifying some €25 billion of trading assets under new accounting rules. I also couldn’t understand how a house that had been so big in complex derivative products did not need to raise more capital – although Deutsche did eventually raise capital in late 2010 in association with the takeover of Deutsche Postbank.

Euromoney hopes that, of all bankers, Santa was kind to Stefan Krause and that the chief financial officer of Deutsche Bank had a particularly good Christmas break.

The country’s entrepreneurs are increasingly drawing on private bankers’ skills as they seek out new sources of income and ways to pass on wealth to younger family members.

Cash management strategy debate: Cash management in a world of risk and complexity

International money is flying into emerging market sovereign bond markets with frontier credits, such as Zambia, Mongolia and Bolivia, now boasting low yields. The jury is out on whether there is a bubble brewing in developing bond markets in hard currency.

Macroeconomic risks, such as the euro crisis, are increasingly impinging on cash management and increased financial regulation is a concern for corporates and their partner banks. Euromoney’s panel of treasurers and bankers examines the issues and the way they are handled.

Bond markets trounced equities and M&A last year as central bank intervention and low global rates spurred a bull run in fixed income. However, as 2013 kicks off there are faint whispers of a pick-up in IPO and acquisition activity, so long as confidence is not undermined by an ugly mix of macro risks. That’s a big hope.